NorthMarq completed the cash-out refinance for the 340-unit, Summerly at Zanjero Apartments with a $65 million Freddie Mac loan. NorthMarq’s Phoenix Debt and Equity team led by Brandon Harrington, managing director and Tyler Woodard, vice president, executed the refinance for the borrower. The permanent-floating loan was structured with a 10-year term with 5-years of interest only followed by a 30-year amortization schedule.
“It was a joy working with the borrower on this refinance. They were able to lower their interest rate almost 200 bps by refinancing the acquisition bridge loan, which we placed 12 months ago,” said Harrington.
The 340-unit Summerly at Zanjero apartment community, built in 2019, comprises one-, two-, and three-bedroom units. The property is situated in the rapidly growing Glendale submarket, within minutes to the Westgate Entertainment District and State Farm Stadium.
This transaction echoes the trend seen across the Phoenix market where vacancy is remaining low and asking rents are increasing. The full Phoenix Market Q3 report can be found here: https://www.northmarq.com/phoenix-q3-market-report-apartment-market-roars-back-in-third-quarter/